Quantum Computing-as-a-Service Market to Grow as Businesses Leverage Quantum Technologies

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Market research firm, Research and Markets, has published a report on the quantum technologies market, projecting the market to grow at a double-digit CAGR to $3.518 billion by 2030. The growth of the quantum technologies market will also usher in significant developments in the quantum computing-as-a-service market (QaaS).

One factor driving the market growth is the growing funding for quantum technologies. Both government and private venture funding are focusing on this market in the hopes of reaping its benefits for various practical applications.

Another factor is R&D expenditure. Big tech companies are dedicating financial and human resources to the race to develop quantum technologies. Partnerships, strategic collaboration, and mergers are also fueling the growth of the quantum technologies market.

However, there are challenges that can hinder the market’s expansion. These include the lack of skilled IT professionals, the high cost and complexity of developing quantum technologies, and the cryptographic risk associated with quantum communications.

Quantum Computing-as-a-Service Market

Quantum computing is one of the segments of quantum technologies. It’s further divided based on application and deployment. Based on application, quantum computing is segmented into machine learning, optimization, and simulations. Meanwhile, deployment is either on-premise or cloud-based. The report cites cloud-based deployment as having the highest revenue in 2021. It also expects cloud-based quantum computing to grow faster than on-premise at a double-digit CAGR from 2021 to 2030.

Quantum computing is far from becoming mainstream but it’s not a mere fantasy. Back in 2019, Google already made headlines when it claimed “a milestone known as quantum supremacy when their quantum computer Sycamore performed in 200 seconds an abstruse calculation they said would tie up a supercomputer for 10,000 years.”

As the global quantum computing market continues to grow, more organizations could be willing to implement the technology to their advantage. However, since business use for quantum computing is still very expensive, we can expect businesses to access quantum computing via Quantum-as-a-service (QaaS).

Top Quantum Computing Applications

The end-users of quantum computing and quantum technologies consist of businesses from across industries. These include healthcare, banking and finance, aerospace, energy, oil, and gas, and logistics and distribution. These industries benefit from the various tech applications that quantum computing can deliver.

For example, pharmaceutical companies apply quantum computing to drug development. They identify and develop small molecules and macromolecules that could help cure illnesses and diseases. This core business activity makes the pharmaceutical industry a natural end-user of quantum computing.

Another example is the process of producing fertilizer. Quantum computing could potentially improve ammonia synthesis, which will allow for cheaper fertilizer. Cheaper fertilizer could bring down the costs of food production.

Other top applications of quantum computing include weather forecasting and climate, electronic materials discovery, and artificial intelligence. It’s also a game changer in traffic optimization, solar energy capture, and cybersecurity.

As QaaS becomes more accessible in the future, companies could utilize quantum computing for their next billion-dollar innovations. The business potential of quantum technologies is limited only by one’s imagination and, of course, funding. In the meantime, we expect more corporations and C-suites to start taking quantum computing seriously. More businesses will incorporate quantum computing into their long-term strategies.